By: Mohamed Mowafy
Cairo – Mubahser: Egypt's administrative court has overturned a decision by the ministry of trade and industry to impose a 15% fee on imported iron billets.
In April, the country’s ministry of trade and industry issued a decision to impose a new 15% fee on iron billets and a 25% fee on iron.
Iron prices increased in the last period as about 22 iron rolling factories halted operation upon issuing this decision, member of the chamber of metallurgical industries at the Federation of Egyptian Industries (FEI), Tarek El-Gioushy, told Mubasher.
Over the last two months, the halt of operation of iron rolling factories led to cutting electricity and natural gas fees as well as taxes and other charges paid to the government by about $48 million, chairman of the chamber of metallurgical industries, Gamal El-Garhy, said.
Translated by: Zeinab Adel
